Puravankara Limited (PURVA) Stock - Complete Technical Analysis - Dec 19, 2024

PURVA: Facing Resistance - Breakout or Pullback

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Puravankara's current price of approximately 424 presents a mixed technical picture. The RSI is above 50, indicating some bullish momentum. The Stochastic %K and Stochastic RSI are also relatively high, suggesting short-term bullishness. The MACD is positive, confirming the short-term uptrend. However, the ADX is relatively low, indicating a weak trend. From a trading perspective, the price is trading above its short-term EMAs (10, 20, and 30), but around the 50 and 100-day EMAs, suggesting some resistance at these levels. Key resistance can be seen near recent highs, while support can be found around the cluster of EMAs, particularly the 50 and 100-day. Given the mixed signalsbullish momentum indicators but a weak trend and price facing resistance at key moving averagestraders should be cautious. It's advisable to wait for a stronger trend confirmation. A decisive break above recent highs would suggest further upside, while a break below the cluster of EMAs could signal a potential pullback. Recent ATR indicates decreasing volatility.